Older Americans lose $36.5bn annually to financial exploitation
Updated
Updated · Forbes · May 9
Older Americans lose $36.5bn annually to financial exploitation
7 articles · Updated · Forbes · May 9
The LIMRA study says 37% of older adults faced exploitation over five years, while about 14% of Americans over 65 have dementia and 15% have mild cognitive impairment.
Researchers say cognitive decline creates “decision risk”, leaving retirees more exposed to missed bills, tax errors, poor product choices and fraud even when confidence in their financial judgement remains high.
The report urges pre-retirees to simplify finances, automate income and payments, and arrange advocates and powers of attorney to reduce market, longevity and cognitive risks in later life.
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